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Strategies & Market Trends : India Stocks

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From: LoneClone	7/28/2009 7:20:23 PM
	of 2517

Tata Motors Shares Rise After Unexpected Profit Gain (Update1) bloomberg.com By Vipin V. Nair July 28 (Bloomberg) -- Tata Motors Ltd., the Indian truckmaker that owns Jaguar Land Rover, rose the most in two months in Mumbai trading after reporting first-quarter profit that beat analysts’ estimates. The company advanced 11 percent to 414.35 rupees at the close of trading in the city, the most since May 20. The shares have more than doubled this year. The truckmaker’s unconsolidated net income gained 58 percent to 5.14 billion rupees ($107 million) in the quarter ended June, helped by an accounting change and lower spending on raw materials. The Mumbai-based company’s domestic business is likely to improve further from hereon, Credit Suisse Group AG analyst Govindarajan Chellappa wrote in a note today. “We forecast a tremendous growth in truck volumes,” Chellappa wrote. Earnings exceeded the 994 million rupees median profit forecast in a Bloomberg survey of nine analysts. Tata Motors will provide consolidated earnings, including the U.K.-based luxury unit, next month. To contact the reporter on this story: Vipin V. Nair in Mumbai at Vnair12@bloomberg.net. Last Updated: July 28, 2009 06:47 EDT

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